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Madoff luxury auction raises $2m

Madoff luxury auction raises $2m

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A vintage 55-foot yacht named ‘Bull’ and other vessels belonging to imprisoned financier Bernard Madoff are headed for the auction block. The proceeds will go to investors in Madoff’s Ponzi scheme.

An auction of luxury goods that once belonged to the disgraced financier Bernie Madoff, his wife and an adviser has raised $2m (£1.2m) in the US. The money, raised by selling four boats and a car in Florida, will be returned to Madoff’s victims. The 70-year-old is serving 150 years in jail for running the biggest pyramid scheme in US history. An auction of his goods last week raised more than $1m (£600,000) but two of his properties remain on the market. – from BBC